Economy

Median income

A household's income is created by combining the income of every resident over the age of 15
in that household. The median, or midpoint, income for all households is a measure of standard
of living. After adjusting for inflation, examining the median income over time can explain
whether economic conditions are improving or declining for typical households in the community.
However, changes in median income are not merely the result of the state of the economy, it also
reflects changes in household characteristics, such as the size and composition of households,
the employment status, and the educational attainment levels of household members, among others.